Maritime Capacity

Being a Las Vegas Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 bankruptcies. Regrettably, Las vegas can be viewed as the Bankruptcy capital of the United states. So, before considering a a Las Vegas Bankruptcy you should know what bankruptcy can do for you. This post is a brief essay about the automatic stay in Bankruptcy. When declaring bankruptcy, as a debtor, an automatic stay is introduced. What an automatic stay prohibits lenders from doing certain measures. For example, once bankruptcy is filed a creditor can not due the following: Begin or continue a court action towards you in any effort to collect financial obligations which you presumably owe. Carry on with any collection calls. Once bankruptcy is filed a collection agency must cease and desist all attempts to collect any supposed debts. All repossessions must stop. Please note that if you are behind on payments, filing a Chapter 7 bankruptcy can in the short term stop the repossession of your car. But, the stay is only short-term. The creditor’s can be able to reposess your car if they decide to file a request to lift the automatic stay. Declaring bankruptcy can stop the foreclosure sale of your house. Again, with a chapter 7 bankruptcy, it is only temporary. A chapter 13 bankruptcy can afford you more protection if your goal is to stop a foreclosure sale. Declaring bankruptcy can stop the garnishment of your wages. This automatic stay will last until the following: 1. At the request of a creditor, the judge may lift the automatic stay. 2. The item of property no longer belongs to the person declaring bankruptcy. 3. The debtor receives the discharge. This occurs during when a chapter 7 bankruptcy is filed and a foreclosure and /or repossession is briefly stopped. After the debtor receives a discharge a creditor is then free to purse repossession and foreclosure on the debtor’s residence. So, with an automatic stay, a bankruptcy can allow you to get your financial affairs together, supply you relief from bothering calls from creditors, and cease the garnishing of your wages. But, remember in the case of a chapter 7 bankruptcy these outcomes are only temporary. Being a Las Vegas Bankruptcy Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 bankruptcies. Regrettably, Las vegas can be viewed as the Bankruptcy capital of the United states. So, before considering a a Las Vegas Bankruptcy you should know what a bankruptcy does. This post is a brief essay about the automatic stay in Bankruptcy.